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Copper Rallies on Lower Production, Higher Imports

December 27, 2017 at 18:29 by Vladimir Vyun

Prices for copper rose today thanks to the news from China. Chinese authorities requested from Jiangxi Copper Co., the nation’s biggest copper producer, to reduce production for at least a week to assess local pollution. That was a part of China’s campaign to reduce winter air pollution. Though, apparently, such reports were denied by the authorities later. Earlier this month, Tongling Nonferrous Metals Group Co., the second largest producer, received the similar request.

Staying in China, reports showed that the world’s second backyard bounce house biggest economy increased imports of the industrial metal. China’s copper imports rose to 329,168 metric tons in November, up 19 percent from the same month a year ago. During the previous months of the year, though, imports fell more than 10%.

Contract for delivery of copper in March ticked up 0.03% to $3.2815 per pound as of 18:21 GMT on COMEX today. Copper for delivery in three months jumped as much as 1.6% to $7,239 per metric ton on LME, reaching $7,259 earlier — the highest level since January 2014.

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